Bitcoin, the cryptocurrency of money changers worldwide, is possible due to blockchain technology. When it is leveraged by banks and other institutions it is a powerful defense system according to Thomas Dapp of Deutsche Bank posted Coin Desk today.
Dapp promotes blockchain as a tool providing products and services in real time around the globe. This accuracy and immediate availability within ten minutes provides money transactions to be efficiently recorded. The virtual reality of the transactions is a paradigm shift according to Dapp and a beneficial one.
Whether it is banking or other transactions such as credit cards, mortgage lending or stock exchanges, clearing houses and any institution where time and money are involved the P2P process of peer exchange benefits from an immediate record. A mortgage lender will have accurate rates and the client has benefit from the market update.
Depp writes that, “It is entirely conceivable that banks could … set up a new digital booking and clearing system amongst themselves enabling them to offer client transactions featuring the benefits of the blockchain, such as speed, efficiency, internationality and cost savings.”
Goldman Sachs brought attention last year to the use of blockchain when it funded a start-up that tracks the U.S. dollar for accuracy and protection. Bitcoin is leading the blockchain venture capital movement. The San Diego based bitcoin Airbitz wallet received $450,000 from Block26 so devices can communicate with each other using blockchain. The globe is growing smaller due to the ability of the speed of transactions.
The blockchain protocol records every transaction completed into the chain with its value and point of record date. Each block has a hash of the
Originally appeared at: http://www.examiner.com/article/blockchain-is-the-power-source-for-the-future